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Protests have become a global phenomenon after a number of countries erupted in street demonstrations this past year. From regime-ousting outbreaks in Burkina Faso to pro-democracy rallies in Hong Kong, civil unrest was sparked by factors including economic inequality, corruption, and discontent with governments.

These factors are present in several countries, suggesting the protest phenomenon will likely continue, according to a new report from Nomura. Senior political analyst Alastair Newton identifies ten market-relevant countries that look prone to the next bout of large-scale street-level protests. While none of these countries are strangers to rallies, the likelihood of mass demonstrations is on the rise, Nomura said.

The impact on businesses in countries experiencing civil unrest is severe. Labor protests and religious violence increased the potential risk of business disruption in nearly 20 percent of countries during the third-quarter, according to risk consultancy Maplecroft's Civil Unrest Index.

While the countries on Nomura's list fall in the category of emerging and frontier markets, Newton said that isn't always the case: "Notably in many European Union countries, we are increasingly seeing what are essentially protest parties capturing a significant share of the popular vote in elections."

Click ahead to see the 10 countries most vulnerable to large-scale civil unrest.